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  • 1
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2018-11-15
    Description: The paper analyzes the effect of human-capital investments of heterogeneous individuals on the dynamics of the wage structure within a neoclassical growth model. The accumulation of physical capital changes relative factor prices and thus incentives to acquire skills, thereby altering the composition of the labor force. Without relying on exogenous shocks, our framework generates dynamics that resembles several important observations on wage inequality (e.g., the non-monotone evolution of the skill premium). Additional incorporation of wage rigidities emphasizes the trade off between residual wage inequality and employment opportunities for unskilled labor that is consistent with country-specific evidence.
    Keywords: I21 ; J31 ; O15 ; ddc:330 ; wage inequality ; human capital investment ; transitional adjustment dynamics ; skill-specific unemployment ; Lohnstruktur ; Qualifikation ; Bildungsinvestition ; Wachstumstheorie ; Investition ; Steady-State-Wachstum ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Gerzensee: Swiss National Bank, Study Center Gerzensee
    Publication Date: 2019-01-11
    Description: We present a model of growth and distributional conflict that implies a non-monotonic relationship between average wealth and the likelihood of radical redistribution: while the net benefits of redistribution for members of the poor class are small at low stages of development, a shift towards egalitarianism considerably improves agents' income prospects once an intermediate level of per-capita wealth is reached. As the economy grows further, the incentive to challenge the existing social order decreases again and eventually vanishes. This nonmonotonicity captures the observation that historical shifts to radically redistributive policies frequently took place after extended periods of economic growth.
    Keywords: P16 ; O11 ; D31 ; D74 ; ddc:330 ; Political economy ; inequality ; borrowing constraints ; redistribution ; revolution ; Kuznets curve ; Verteilungskonflikt ; Verteilungstheorie ; Kuznets-Kurve ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2018-11-15
    Description: We study human capital accumulation in an environment of competitive search. Given that unemployed workers can default on their education loans, skilled individuals with a larger debt burden prefer riskier but better paid careers than is socially desirable. A higher level of employment risk in turn depresses the skill premium and the incentives to invest in education. The equilibrium allocation is characterized by too much unemployment, underinvestment by the poor, and too little investment in skill-intensive technologies. A public education system funded by graduate taxes can restore efficiency. More generally, differences in education funding can account for cross-country variations in wage inequality.
    Keywords: I22 ; ddc:330 ; Directed search ; investment ; education finance ; Bildungsverhalten ; Bildungsinvestition ; Arbeitsuche ; Wettbewerb ; Bildungsfinanzierung ; Allokationseffizienz ; Öffentliche Bildungsausgaben ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Konstanz: Sonderforschungsbereich 178 "Internationalisierung der Wirtschaft", Universität Konstanz
    Publication Date: 2014-09-17
    Description: In this paper I investigate the effect of different stages of international trade on market structure and prices when production involves overhead cost, markets are intransparent, and customers have to search for offers. I show that two stages have to be distinguished: a first stage where each firm can offer its product in any country but customers cannot search in foreign countries and a second stage where each firm can offer in any country and each customer can search and buy in any country. In particular I investigate who benefits if one country increases its degree of market transparency and who benefits if the second stage of international trade is introduced.
    Keywords: ddc:330 ; Versicherungsmarkt ; Unvollkommene Information ; Außenwirtschaftstheorie ; Skalenertrag ; Preistheorie ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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